The winning strategy for roulette is to always pick black, and double your bet each time. You have a 48% chance of winning, and while doubling your bet each time, you will net $1 per win.
Don't quadruple, because you still only net $1 per win, but you'll go broke quickly on a streak.
This strategy works so well that most casinos will kick you out after the third bet if they notice you're using it. Even online casinos will now ban people for using this trick..
The winning strategy for roulette???
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Bet black  double your money
Take half and bet on a number
Take other half bet on black
Continue until number pays out  leave the table 
You cant bet inside and outside at same time. Has to be either numbers or colors

most vegas roulette tables have minimums. $10. Think about that. suppose you lose. Double. $20. Lose again? $40. Again? $80. Etc. If you lose 10x (not unheard of) will have a total of $30k riding on the next spin, to make $10. Not a great return on your money.
anybody who plays a game w/ a 48% chance of winning is a moron. 
roulette is a memoryless game. any casino that would kick you out for doing that is run by idiots.
On the flip side, I have heard of a way that you can possibly beat routlette. The theory goes like this: each croupier has a certain throw style. If you know where the ball is released, certain parts of the wheel have a greater chance of being landed on than others. Since you are allowed to bet after the ball is thrown, observe where the ball is released, then bet on the correseponding parts of the wheel that are most likely to come up. In order to pull this off, you would need a large amount of data on a particular croupier. So, record where the ball is released and where it ends up, then calculate the "offset" (distance from ending point to the starting point). Once you've seen hundreds or thousands of throws, you should have a probability distribution for each offset. Given that you have the roulette wheel memorized, when the croupier releases, bet on the numbers with the most probable offsets.
The one underlying assumption is that the throw style of the croupier impacts where the ball lands. I have no idea if that is true (I have heard it is but who really knows), but if it is everything I said is correct. The other catch is you will need to observe a particular croupier for hours. I am guessing this will look suspicious and CAN get you kicked out of a casino. 
What you need to do to win at roulette is to bring $25,000 to try an win $100.
Keep betting until you are up $100. Then walk away.
You will very likely win $100 but you could lose the $25,000 you showed up.
It is not a very good return and you still risk losing $25,000.
And if you keep going back to do this you will eventually lose everything. 
I've had luck betting on two rows. You get money back slightly less than 2/3 of the time, which makes it fun. Also, you burn through your money a little slower, meaning a longer period with free drinks. With this strategy, I maximize my fun (amount of "wins", free drinks, time at table) while minimizes my negatives (potential loses, rate of money lost). Of course, when I gamble, I'm just looking to have fun  I'm not looking to get rich.

You are wrong. First, the table has maximums and there are times that it does go 6 or 7 or more times green and red. So putting down... 5, 10, 20, 40, 80, 160, 380... bust. You can't bet past the limit. So you just lost close to $1000 chasing a $5 bet.
Casinos know that game and have set the odds in their favor, this the maximum limit and minimum limit.
I have done that strategy and have won some, and lost some as well. You'd be surprised how many reds come up in a row when your betting black. 
Best roulette strategy: buy a roulette wheel and open up your own casino. Roulette is no more beatable than slots.

Boys, this has already been discussed: http://en.wikipedia.org/wiki/Martingale_(betting_system)

fold pre donks.

http://www.fool.com/investing/value/2006/10/10/wheeloffortune.aspx
this guy had a great strategy. 
Azaleas wrote:
Best roulette strategy: buy a roulette wheel and open up your own casino. Roulette is no more beatable than slots.
+1
But gambling is more fun if you are bad at math. 
The process is memoryless. Your expected value for each bet is $0.96 per dollar bet. So when you look at the long term value for this strategy, it will be negative. You are trying to win $10 at a time and this will work most of the time. But for the few times that you are chasing back your $10, you will lose much more than you previously won.
Casinos love it when people think of strategies such as this. Especially card counters. 
Yeah France wrote:
The process is memoryless. Your expected value for each bet is $0.96 per dollar bet. So when you look at the long term value for this strategy, it will be negative. You are trying to win $10 at a time and this will work most of the time. But for the few times that you are chasing back your $10, you will lose much more than you previously won.
Casinos love it when people think of strategies such as this. Especially card counters.
I am sorry the expected payout is 10/19 not 96/100 
Your expected value for each dollar bet is 1/19 (on a 38 space wheel), so if you play 19 times and bet a dollar each time, you should expect to lose exactly one dollar.

18 black, 18 red, 2 green
20 ways to lose, only 18 ways to win.
Not very good odds at all.
Roulette is just luck. There is no skill or winning strategy.
Think of it as entertainment. Enjoy yourself! 
Yeah France wrote:
The process is memoryless. Your expected value for each bet is $0.96 per dollar bet. So when you look at the long term value for this strategy, it will be negative. You are trying to win $10 at a time and this will work most of the time. But for the few times that you are chasing back your $10, you will lose much more than you previously won.
Casinos love it when people think of strategies such as this. Especially card counters.
What does the "especially card counters" comment mean? If done correctly (and that's a big if) it delivers a positive expected return. Maybe I'm misunderstanding your comment. 
Because people who count poorly lose a ton of money, and most people aren't actually very good at counting.

Seen it all before wrote:
You are wrong. First, the table has maximums and there are times that it does go 6 or 7 or more times green and red. So putting down... 5, 10, 20, 40, 80, 160, 380... bust. You can't bet past the limit. So you just lost close to $1000 chasing a $5 bet. .
He's not wrong, just doesn't have it optimal. If the casino had no max and this is doable, you DON'T want to double your bid. That is just dumb and a waste of time. You'd want to do something like 5,12,30,70,160,350,800. The point is to give yourself great odds of winning, and WIN SOMETHING. That way if you win the 1st time you get
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